Commentary & Deal Flow

BMW US Capital LLC (BMW) exp A2/A (s/n) US$3.7bn 144A/Reg S no reg rights 5-part sr notes (2y FXD and/or FRN due 3/17/28, 3y FXD due 3/19/29, 5y FXD due 3/19/31 and 7y FXD due 3/19/33). 3y FRN tranche dropped at launch. MWC on FXD tranches. 1mo par call on 5y (2/19/31) and 2mos on 7y (1/19/33). Tax changes call. Barc (B&D)/BNP/Citi/GS/SMBC joint active books. Guarantor: Bayerische Motoren Werke Aktiengesellschaft. First Pay: 6/17/26 (2y FRN), 9/17/26 (2y FXD), 9/19/26 (3y, 5y, 7y). Day Count: 30/360 (FXD), ACT/360 (FRN). Denoms: 2,000 x 1,000. Sale into Canada: Yes - Exemption. UOP: gcp. Pricing 3/16. Settle 3/19 (T+3).

IPTs: 2y T+90 area and SOFR equiv, 3y T+100 area and SOFR equiv, 5y T+110 area, 7y T+120-125.

GUIDANCE: 2y T+65# and SOFR equiv, 3y T+75# and SOFR equiv, 5y T+87#, 7y T+102#.

LAUNCHED: $750m 2y FRN at SOFR+79, $1.1bn 2y FXD at T+65, $1bn 3y FXD at T+75, 3y FRN tranche dropped, $450m 5y at T+87, $400m 7y at T+102.

PRICED:

$750m 3/17/28 FRN at SOFR+79, at 100.
$1.1bn 4.30% 3/17/28 99.953 4.325% T+65. MW+10.
$1bn 4.40% 3/19/29 99.900 4.436% T+75. MW+15.

$450m 4.65% 3/19/31 99.912 4.670% T+87. MW+15.

$400m 5.00% 3/19/33 99.907 5.016% T+102. MW+20.

OTHER: